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Starting a business...

  • 16-07-2010 3:21am
    #1
    eeloe
    Moderators, Music Moderators Posts: 3,793 Mod ✭✭✭✭


    Just looking for some general advice

    I'm looking to start my own business, it's an online record label.

    Is it possible, to run this, without interfeering with my day job's wages due to tax from higher earnings?

    I have no doubt that the business will be in negative equity straight away, so it'd take some time for things to come around and actually turn a profit, but will it have a bearing on my day to day dealings with the tax office?


Comments

  • #2
    tombull82
    Registered Users, Registered Users 2 Posts: 910 ✭✭✭tombull82


    yes you should have no hassle with this while staying in your current job. Search this forum for more info as this has come up alot before with good info giving.


  • #3
    DoMyBooks
    Registered Users, Registered Users 2 Posts: 355 ✭✭DoMyBooks


    The tax system in Ireland is set up quite well for this. If your sole trader business makes a tax loss you can potentially offset this loss against your PAYE income and receive a refund from the tax office.

    Hope this helps.


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